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BLS International Services Ltd.
(BLS)
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Rating:74Outperform
Price Target:
₹234.00
▼(-1.33% Downside)
Action:Reiterated
Date:08/25/26
The score is driven primarily by strong financial performance (high margins and strong cash generation), supported by reasonable valuation (P/E ~14.1 with a modest dividend). These positives are tempered by weaker technical positioning, with the stock trading below key moving averages and showing subdued momentum.
Positive Factors
Strong Revenue Growth
Revenue growth of 31.8% indicates expanding demand for BLS’s outsourced visa, passport, consular, and citizen-service offerings. Sustained top-line expansion can support operating scale, strengthen relationships with contracting authorities, and provide capacity to reinvest in technology and service-center infrastructure.
Negative Factors
Rising Leverage
Although leverage remains moderate, the increase in debt-to-equity reduces the balance-sheet conservatism BLS had demonstrated in earlier years. A rising debt trajectory can increase financing commitments and reduce flexibility if operating conditions weaken or investment needs accelerate.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Revenue growth of 31.8% indicates expanding demand for BLS’s outsourced visa, passport, consular, and citizen-service offerings. Sustained top-line expansion can support operating scale, strengthen relationships with contracting authorities, and provide capacity to reinvest in technology and service-center infrastructure.
Read all positive factors
BLS International Services Ltd. (BLS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹86.12B
Dividend Yield1.2%
Average Volume (3M)96.41K
Price to Earnings (P/E)12.2
Beta (1Y)1.70
Revenue Growth31.81%
EPS Growth24.89%
CountryIN
Employees63,000
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)17.15
Shares Outstanding411,740,900
10 Day Avg. Volume119,145
30 Day Avg. Volume96,408
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)3.94
Price to Sales (P/S)3.24
P/FCF Ratio12.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.8
Revenue Forecast (FY)₹35.91B
BLS International Services Ltd. Business Overview & Revenue Model
Company Description
BLS International Services Limited specializes in providing outsourced administrative and support functions for visa, passport, and consular services to diplomatic missions across the globe. Its extensive service portfolio includes direct citizen ...
BLS International Services Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
74
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.78B | 29.98B | 21.93B | 16.77B | 15.16B | 8.50B |
| Gross Profit | 14.14B | 10.57B | 8.75B | 5.01B | 3.46B | 1.98B |
| EBITDA | 9.60B | 9.14B | 6.30B | 3.48B | 2.28B | 1.09B |
| Net Income | 7.06B | 6.87B | 5.08B | 3.13B | 2.01B | 1.11B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 37.70B | 28.06B | 16.16B | 9.45B | 6.33B |
| Cash, Cash Equivalents and Short-Term Investments | 15.13B | 15.13B | 9.04B | 9.72B | 4.39B | 3.06B |
| Total Debt | 0.00 | 4.31B | 3.59B | 305.96M | 65.31M | 111.58M |
| Total Liabilities | -27.84B | 9.86B | 7.87B | 1.75B | 1.08B | 635.06M |
| Stockholders Equity | 27.84B | 24.63B | 17.31B | 12.08B | 8.03B | 5.70B |
Cash Flow | ||||||
| Free Cash Flow | 4.75B | 8.07B | 6.68B | 2.86B | 1.92B | 1.03B |
| Operating Cash Flow | 5.15B | 9.44B | 8.29B | 3.50B | 2.61B | 1.85B |
| Investing Cash Flow | -3.85B | -4.92B | -11.19B | -2.60B | -2.38B | -1.72B |
| Financing Cash Flow | -909.46M | -2.40B | 1.58B | 2.57B | 72.31M | -120.50M |
BLS International Services Ltd. Technical Analysis
Negative
237.15
Price Trends
233.34
Negative
241.65
Negative
258.01
Negative
Market Momentum
-4.52
Positive
34.86
Neutral
11.44
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BLS, the sentiment is Negative. The current price of 237.15 is above the 20-day moving average (MA) of 218.83, above the 50-day MA of 233.34, and below the 200-day MA of 258.01, indicating a bearish trend. The MACD of -4.52 indicates Positive momentum. The RSI at 34.86 is Neutral, neither overbought nor oversold. The STOCH value of 11.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BLS.
BLS International Services Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹86.12B | 12.19 | ― | 1.20% | 31.81% | 24.89% | |
67 Neutral | ₹32.65B | 11.34 | ― | 2.55% | 1.71% | -21.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹15.58B | -35.84 | ― | 1.49% | -1.53% | -62.66% | |
50 Neutral | ₹4.32B | 3.89 | ― | 0.62% | 24.30% | ― |
* General Sector Average
IN:BLS
BLS International Services Ltd.
209.15
-102.52
-32.89%
IN:AGSTRA
AGS Transact Technologies Ltd.
2.13
-2.14
-50.12%
IN:CMSINFO
CMS Info Systems Ltd.
204.00
-160.15
-43.98%
IN:HGS
Hinduja Global Solutions Limited
334.90
-191.15
-36.34%
IN:REPRO
Repro India Limited
301.10
-230.55
-43.36%
IN:SECURCRED
SecUR Credentials Ltd.
1.63
0.00
0.00%
BLS International Services Ltd. Corporate Events
BLS unit Atyati to divest key micro-lending arm to TVAM Technologies
Sep 28, 2026
BLS International Services Ltd. said its step-down subsidiary Atyati Technologies Pvt. Ltd. has approved the sale of its Joint Liability Group financial lending business to TVAM Technologies Pvt. Ltd. via a slump sale on a going-concern basis, for...
BLS International Files AGM Voting Results and Scrutinizer’s Report with Exchanges
Sep 24, 2026
BLS International Services Ltd. has submitted to the National Stock Exchange of India and BSE Limited the voting results and consolidated scrutinizer’s report from its 42nd Annual General Meeting held on September 23, 2026. The disclosures c...
BLS International Completes Dispatch for Virtual 42nd AGM and Sets E-Voting Framework
Aug 30, 2026
BLS International Services Ltd. has announced that it has completed dispatch of the notice and annual report for its 42nd Annual General Meeting, using email for shareholders with registered addresses and letters containing web links and QR codes ...
BLS International Moves AGM and Annual Report Access Fully Online for Shareholders
Aug 29, 2026
BLS International Services Limited has notified exchanges that it has dispatched letters to shareholders whose email IDs are not registered, providing a web link to access the company’s Annual Report for the financial year 2025-26. The discl...
BLS International Sets AGM, Dividend Vote and Board Changes for September 2026
Aug 29, 2026
BLS International Services Ltd., a tech-enabled outsourcing and business services provider focused on visa, consular and citizen services, maintains a listed presence on Indian exchanges and serves a broad shareholder base under a robust complianc...
BLS International Files Assured Sustainability Report for FY 2025-26
Aug 29, 2026
BLS International Services Ltd. has submitted its Business Responsibility and Sustainability Report for the 2025-26 financial year to the National Stock Exchange of India and BSE, in line with SEBI’s Listing Regulations on ESG and non-financ...
BLS International Sets September 16, 2026 Record Date for Final Dividend
Aug 29, 2026
BLS International Services Ltd. has set 16 September 2026 as the record date to determine shareholders eligible to receive the final dividend for the financial year. The move aligns with regulatory requirements and ties into the company’s 42...
BLS International Rejects Allegations of Visa Irregularities
Aug 24, 2026
BLS International Services Ltd. has issued a media statement categorically denying allegations reported in the press that it was involved in visa irregularities. The company says there is no evidence of wrongdoing by the firm or its employees in r...
BLS International Shares Q1 FY27 Investor Presentation on Unaudited Results
Aug 7, 2026
BLS International Services Ltd. has released an investor presentation detailing its unaudited consolidated and standalone financial performance for the first quarter ended June 30, 2026. The disclosure, filed under Indian securities listing regula...
BLS International Secures Higher ICRA Credit Ratings Above Existing CRISIL Grades
Aug 5, 2026
BLS International Services Limited has received its first credit assessment from ICRA Limited, which assigned a long-term rating of ICRA AA- with a Stable outlook and a short-term rating of ICRA A1+ to instruments aggregating Rs. 300 crore, coveri...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.